Congress’ Summer Fling With Marijuana

DISTRICT OF COLUMBIA: It’s not easy being the DEA these days. After an unprecedented losing streak on Capitol Hill, the once-untouchable Drug Enforcement Administration suffered last week what might be considered the ultimate indignity: A Senate panel, for the first time, voted in favor of legal, recreational marijuana. Last Thursday, the Appropriations Committee voted 16-14 Read the full article…

Bipartisan Marijuana Banking Bill Introduced In The Senate

DISTRICT OF COLUMBIA: Reflecting growing public support for changing the nation’s drug laws, a bipartisan group of senators on Thursday introduced the chamber’s first bill that would legalize banking for recreational marijuana companies. Introduced by the Senate delegations from Oregon and Colorado, two of the first states to legalize recreational marijuana, the bill would prohibit the Read the full article…

Fardon: ‘Careful’ Banks Can Invest In Legal Illinois Marijuana

ILLINOIS:  Banks that accept money from legal Illinois marijuana growers won’t “come on our radar for prosecution” if they are “careful” and “transparent” and “follow the laws,” U.S. Attorney Zach Fardon said. Addressing the issue of Illinois’ move to legalize medical marijuana in the new year in public for the first time Wednesday morning, Fardon Read the full article…

Big U.S. Banks Seek New Clarity On Risks Of Marijuana-Linked Accounts

MISSOURI: Major banks are getting increasingly wary of some transactions with smaller banks that have begun to allow marijuana businesses to open accounts. Officials at the bigger institutions say they fear being in breach of anti-money laundering laws and are pressing federal authorities to make it clear what is legitimate and what is illegal. The problem arises because Read the full article…

More Than 100 Banks, Credit Unions Serving Pot Businesses: Feds

DISTRICT OF COLUMBIA: There are 105 U.S. financial institutions providing banking services to marijuana dispensaries and other pot businesses, a top federal official is expected to reveal in a speech Tuesday. The speech provides the most detailed look yet at the impact of marijuana guidance the Financial Crimes Enforcement Network issued to banks and credit Read the full article…

House Votes To Allow Marijuana-Related Banking

DISTRICT OF COLUMBIA:  The House voted Wednesday in support of making it easier for banks to do business with legal pot shops and providers of medical marijuana. The 236-186 vote rejected a move by Rep. John Fleming, R-La., to block the Treasury Department from implementing guidance it issued in February telling banks how to report Read the full article…

Only One Hiccup For Pot Shop’s Opening Day

WASHINGTON:  The first pot shop to open in Bellingham and the state,Top Shelf Cannabis, had one hiccup in an otherwise successful opening. Chase Bank refused to give them change for smaller bills. Manager Sigrid Williams says when they started to run out of one and five dollar bills, they tried to ask Chase Bank for Read the full article…

This Las Vegas Bank Eager To Do Business With Would-Be Marijuana Dispensary

NEVADA:  If finance executives are worried about getting involved with medical marijuana clients, don’t tell Las Vegas banker John Sullivan. First Security Bank of Nevada, led by CEO Sullivan, has signed on to manage cash and other banking transactions for would-be dispensary operator GrowBLOX Sciences. GrowBLOX, which said it “operates with the utmost compliance integrity,” said Read the full article…

Colorado’s New Pot Banking Law Won’t Solve Cash Problems

COLORADO: Colorado Gov. John Hickenlooper signed a bill Friday designed to create the world’s first state-level banking system for legal cannabis companies, which have complained that their lack of access to basic banking services creates difficult and dangerous risks. But the financial industry quickly cast doubt on whether the legislation will address issues faced by marijuana Read the full article…

Pot Finance Co-Ops Likely To Fail, But They’re Better Than Nothing

COLORADO:  A hurry-up bill that whizzed through the final days of the Colorado legislature to create the world’s first financial cooperatives for the marijuana industry still faces about two years of added preparation, backers now say. But despite the initial optimism surrounding House Bill 1398, those familiar with the Federal Reserve System — the agency Read the full article…